In connection with blubbles:

What were the implications of the shift from a global system of fixed exchange rates to a system of floating exchange rates in $1973?$

$1$

The switch facilitated a decrease in speculative financial activities, as the predictability of floating rates discouraged speculation in currency markets.

This change resulted in stronger adherence to gold standards by major economies, as the unpredictability of floating rates led to a renewed preference for gold$-$backed currencies.

The transition led to decreased currency volatility and enhanced global economic stability, as countries could no longer adjust their currency values according to their economic conditions.

The shift to floating exchange rates increased currency volatility and complicated international trade and investment, as currencies could fluctuate widely based on market forces without government intervention.